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emanwelgwent

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I'm a graduate of the BVC and of Oxford university. Someday I'll be a practicing lawyer. Until then I hang around yahoo answers trying to help or enlighten questioners. I am currently working on litigation files in a solicitors office.

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  • Form what date will limitation run for breach of a consumer credit agreement? (UK law only)?

    Assuming that the loan is unsecured, and the consumer ceases making payments to his lender, does limitation run from:

    1. When a cause of action accrues by which the lender could make a claim to recover the any part of the debt (i.e. the first time the consumer is sufficiently in arrears to allow a court action under the agreement)

    2. When a cause of action accrues by which the lender could make a claim to recover all the debt remaining on the loan (i.e. in a fixed term loan the date of the final payment, if the borrower does not pay, or the date on which the lender terminates or could terminate the agreement)

    3. Whenever the debt is acknowledged (can't see how this can be the case given that section 29 of the Limitation Act wouldn't apply to an unsecured debt, but have often heard it stated with confidence).

    4. From some other date.

    Note that this neither a university work nor a request for legal advice on which I intend to rely.

    2 AnswersLaw & Ethics1 decade ago